News

U.S. consumer confidence hits near 7-year high

U.S. consumer confidence hits near 7-year high

CONSUMER CONFIDENCE: The Conference Board, an industry group, said its index of consumer attitudes rose to 92.4 from a downwardly revised 90.3 the month before. Economists had expected a reading of 89, according to a Reuters poll. Photo: Reuters

(Reuters) – U.S. consumer confidence rose in August to its highest level since October 2007 on improved feelings about the current state of the economy, according to a private sector report released on Tuesday.

The Conference Board, an industry group, said its index of consumer attitudes rose to 92.4 from a downwardly revised 90.3 the month before. Economists had expected a reading of 89, according to a Reuters poll.

July’s reading was originally reported as 90.9.

“Consumer confidence increased for the fourth consecutive month as improving business conditions and robust job growth helped boost consumers’ spirits,” Lynn Franco, director of economic indicators at The Conference Board, said in a statement.

The expectations index fell to 90.9 from a revised 91.9 figure, while the present situation index rose to 94.6, highest since February 2008, from 87.9.

Consumers’ labor market assessment improved. The “jobs hard to get” index fell to 30.6 percent from 30.9 percent the month before, while the “jobs plentiful” index rose to 18.2 percent from 15.6 percent.

Consumers also expect a slight increase in inflation, with expectations for inflation in the coming 12 months up to 5.5 percent from 5.4 percent.

(Reporting By David Gaffen; Editing by Meredith Mazzilli)

Latest Headlines

in Viral Videos

WATCH: Chris Farley in ‘Mission: Impossible – Rogue Nation’

13-overlay19

This mashup is both hilarious and impressive.

in Sports

This weekend’s sports schedule

votto

Here's a look at some of the major sporting events happening this weekend.

in Sports

This week’s best sports shots

AP_525787848997

A look back at some of this week's biggest plays and best moments in sports.

in Sports, Weird

WATCH: Miami Marlins play dirty

15-overlay18

After the Washington Nationals started playing soft rock during opponent's batting practices, the Marlins decided to pay them back with some trolling in the form of fart noises.

in Viral Videos

WATCH: Man rolls under train in heart-stopping video

22-overlay17

Witnesses couldn't believe their eyes when they saw a man purposely rolling under a moving train.